Experts warn that Trump’s stance could hurt his tough-on-China image, and some conservative media outlets have already criticised him for “putting China first”.
The reversal is a recent development. Just a week ago, Trump publicly patched up with a conservative anti-tax lobbying group called the Club for Growth following a feud over their backing different candidates in the 2022 US Senate primary contest in Ohio.
In February last year, the rift turned so ugly that Club for Growth’s president, David McIntosh, told reporters that the Republican Party “should be open” to 2024 US presidential candidates other than Trump.
The ex-president in July retorted that the non-profit group should be called the “Club for No Growth”.
Yet on Feb 7, Trump reportedly hosted McIntosh for dinner at Mar-a-Lago, the former president’s residence in Palm Beach, Florida, according to a Politico report.
The two then flew together to a campaign event in South Carolina, whose Republican presidential primary election took place weeks later on Feb 24.
On Mar 3, Trump spoke at the club’s annual economic retreat, also held in Florida. At the event, attended by several Club for Growth donors, Trump professed that he was “back in love” with the group’s leadership.
Around that time, another meeting took place at Trump’s compound. This time the guest was Jeff Yass, a top donor to Club for Growth, according to data available on Open Secrets.
Yass’s net worth in 2023 was estimated at US$28.5 billion, according to Forbes, having built his fortune trading stocks. In 1987, he co-founded Susquehanna International Group, a privately held investment group, and serves as its managing director.
In 2022, Yass made donations totalling about US$49 million to interest groups backing various American conservative political candidates, according to Open Secrets.
Of this amount, US$19 million went to Club of Growth. Last year, Yass donated about US$16 million to the group. All told, since 2020 the megadonor has given about US$130 million to American political action committees and the Club for Growth, Open Secrets data showed.
What is more, apart from Susquehanna International Group’s 15 per cent stake in ByteDance, Yass’ personal share is 7 per cent, worth roughly US$21 billion, according to an estimate by the Wall Street Journal – about 75 per cent of his total net worth.
Subsequent to the House Bill’s introduction on Mar 5, Yass was making calls to Republican members of Congress, warning them that a ban on TikTok would result in their losing future donations, according to a Mar 7 report by the New York Post.
Susquehanna did not respond to a request for comment. But a spokesperson for Yass was quoted by the New York Post as calling such suggestions “categorically false”.
Analysing Trump’s about-face, an opinion piece by the Washington Examiner, a conservative newspaper, said the “answer appears to be a simple one”.
“In this case, Trump has recently been feted by the billionaire conservative donor Jeff Yass. Yass owns a stake in TikTok and wants to avoid any divestment that might damage his financial interests,” it stated.
“Put simply, Trump supported a ban, then, after receiving Yass’s patronage, immediately opposed a ban.”
Caitlin Chin-Rothmann of the Centre for Strategic and International Studies, a Washington-based think-tank, said Trump’s “flip-flopping could hurt his ‘anti-China’ image among Republican politicians and possibly cause confusion for members of Congress who might be on the fence about banning a popular app” in an election year.
Trump’s claim that a ban on TikTok would “double the size” of Facebook’s business was highly unlikely to prove true, she added.
“It is theoretically possible that Trump has personal or business interests that could influence his policy proposals,” said Chin-Rothmann, noting numerous conflict-of-interest claims arising while he was president.
“But we can only speculate (as) to his reasoning at this point.”
This article was first published on SCMP.
Source: CNA
